AIG Brokers $2.2B Sale Of Taiwan Unit

Law360, New York (October 13, 2009, 12:53 PM EDT) -- American International Group Inc. plans to sell off its Taiwanese life insurance unit for $2.15 billion to a consortium of investors headed up by Hong Kong-based financial services firm Primus Financial Holdings Ltd., the biggest divestiture the troubled insurance giant has made since the U.S. government threw it a $182.5 billion lifeline.

New York-based AIG announced the move Monday, saying it would sell its 97.57 percent share of Nan Shan Life Insurance Co. Ltd. — Taiwan's largest life insurer by total book value and the third...